Despite the doom and gloom in the economy, there's actually a glimmer of hope shining through for homeowners looking to refinance.

The average interest rate on a 30-year fixed mortgage dropped below 6% for the first time in almost a year.

Appearing on NBC Nightly News, Carmen said the drop could be the catalyst needed for the tens of thousands of Americans who have been waiting for the right time to refinance their adjustable-rate mortgages.

Of course, you still need to determine if refinancing is right for your situation, Carmen said. One of the ways to determine that is to see how much equity you have in your home. If you are in the position to refinance - and you actually get the loan - you could lock in a lower rate that will save you thousands over the life of that loan.

The interest rate drop was spurred by the announcement by the Fed that it was buying $600 million in mortgage-backed securities to stem the tide of rising foreclosures.

Watch the video below for more on Carmen's take on interest rates as well as her holiday spending advice and tips for how to save money beyond the holidays.

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